Perpetual Inventory Using UFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 310 units at 588 Dec. 10 144 units at 590 Dec. 12 240 units Dec. 20 240 units at 596 Dec. 14 165 units Dec. 31 200 units 2. Assuming that the perpetual Inventory system is used, costing by the LIFO method, determine the cost of goods sold for each sale and the inventory becester nach presenting the data in the form illustrates in Exibit 4. Under LIFO, If units are in inventory at two different costs, enter the units with the HIGHES unit cout first the cost of Good Sold Unit Cost column and LOWER unit cost first in the inventory Unit Cost column Schedule of Cost of Goods Sold LIFO Method Prepaid Cell Phones Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory tyventory Inventory Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Unit Cost Total Cost Det 310 27,200 Dec 10 Date Dee 12 w Cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in Inventory at two different costs, enter the units with the HIGHER unit cost first in the cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column Schedule of Cost of Goods Sold LIFO Method Prepaid Cell Phones Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory Purchased Unit Cost Total Cost Sold Date Unit Cost Total Cost Quantity Unit Cost Total Cost Dec 1 310 00 27,200 Dec 10 Dec 12 bH De 14 Dec. 20 De Balance